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7. The accounting equation applied by state and local governments is (2 Points) Assets + deferred inflows of resources - liabilities = fund balance Assets

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7. The accounting equation applied by state and local governments is (2 Points) Assets + deferred inflows of resources - liabilities = fund balance Assets + deferred outflows of resources - liabilities - deferred inflows of resources = fund balance Assets + deferred inflows of resources = liabilities + deferred outflows of resources + fund balance Assets - deferred outflows of resources - liabilities + deferred inflows of resources = fund balance

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